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← The Creswell Heritage Trust

2025-03-31-accounts

Registered number: 02344235 Charity number: 701683

THE CRESWELL HERITAGE TRUST

(A company limited by guarantee)

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

THE CRESWELL HERITAGE TRUST

(A company limited by guarantee)

CONTENTS

Page
Reference and administrative details of the Charity, its Trustees and advisers 1
Trustees' report 2 - 11
Independent auditors' report on the financial statements 12 - 14
Consolidated statement of financial activities 15
Consolidated balance sheet 16
Charity balance sheet 17
Consolidated statement of cash flows 18
Notes to the financial statements 19 - 38

(A company limited by guarantee)

THE CRESWELL HERITAGE TRUST

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2025

Trustees Mr C Terrell-Nield
Mr K Kuykendal
Mr J B Roberts
Ms A Kennedy
Mr P R Milton
Mr E T Simmonds
Mr R J Holder
Cllr N Hoy (resigned 26 September 2024)
Ms A J Slater (appointed 24 April 2024)
Cllr S P Carlton (appointed 24 April 2024)
Ms D C Jones (appointed 26 March 2025)
Company registered
number
02344235
Charity registered
number
701683
Registered office
Creswell Museum & Heritage Centre
Crags Road
Welbeck
Worksop
Nottingham
S80 3LH
Independent auditors
Bates Weston Audit Ltd
Statutory Auditors
Chartered Accountants
The Mills
Canal Street
Derby
DE1 2RJ
Bankers
The Co-operative Bank
PO Box 250
Skelmersdale
Lancashire
WN8 6WT
CAF Bank
25 Kings Hill Avenue
Kings Hill
West Malling
ME19 4JQ

Page 1

THE CRESWELL HERITAGE TRUST

(A company limited by guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2025

The Trustees, who are also Directors of the charity for the purpose of the Companies Act, are responsible for preparing the Trustees’ Report and the financial statements for the year ended 31 March 2025 in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

DIRECTORS AND THEIR INTERESTS

The directors in office during the year are listed on page 1. Also noted on page 1 is the charity’s registered number, the charity’s registered office address and the charity’s bankers.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is a charitable company limited by guarantee and was incorporated on 7 February 1989. It is governed by its Memorandum and Articles of Associated dated 7 February 1989 which were amended by special resolution made on the 5 December 1989.

Organisation

The Board of Trustees meets four times a year and are responsible for strategic direction and policy of the charity. The Board of Trustees delegates certain decision-making powers to smaller Sub-Committees which meet as and when required outside the regular board meetings and which make recommendations to the full Board.

The Trust’s senior Executive Director is George Buchanan, who took up the role on April 1st 2024, who regularly reported to the Board of Trustees and who had a close network of advisors including officers at both Bassetlaw and Bolsover local authorities and both North Notts BID and Bolsover Culture & Place Board. Advice and support within the year has been received from Tim Allen (Historic England), Adam Lathbury (Conservation and Design Section Manager DCC), Heather Stokes (Team Manager Conservation NCC), Heather Hollins our Relationship Manager from Arts Council England and Peter Middleton, on behalf of National Lottery Heritage Fund.

Patronage

The appointed patron of the company is Professor Alice Roberts.

The Board of Trustees

The Board of Trustees, as defined within the Memorandum and Articles of Association, comprises 3 nominated Council Members of whom one is appointed from Nottinghamshire County Council, one from Derbyshire County Council and one from the University of Sheffield, and an unspecified number of ordinary Council Members.

Terms of Office

Nominated Council Members can hold office for up to three years unless they are removed by their appointing organisation, although they are eligible for re-appointment under the terms of the Articles of Association. One third of the ordinary Council Members are subject to retirement by rotation at each Annual General Meeting but can be reappointed. The Chair and Vice-Chair are elected by members of the Council of Management for a term of two years.

The Board of Trustees Induction and Training

New Trustees will undergo an orientation meeting to brief them on their legal obligations under charity and company law, the content of the Memorandum and Articles of Association, the committee and decision-making processes, the business plan and recent financial performance of the charity. During the induction they meet key employees and other Trustees. Trustees are encouraged to attend appropriate external training events where these will facilitate the undertaking of their role.

Arrangements for setting pay and remuneration of key management personnel

The terms and conditions of all staff are reviewed annually, usually in March, by the Finance Committee with the

Page 2

THE CRESWELL HERITAGE TRUST

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

HR and Governance committee. The committees' framework has the following principles:

Salaries and conditions are considered in the context of the local market having regard to the particular skills and knowledge required to manage a substantial heritage in the charitable sector and in a commercial environment. Whilst there is an annual review there is no commitment to increase salaries or improve conditions balancing affordability and the need to remain competitive.

Internal controls

The charity has set systems of internal control, which are designed to provide reasonable, but not absolute, assurance against material misstatement or loss. They include:

Risk management

The Trustees have a risk management strategy which comprises:

This work has identified a limited number of risks, but has resulted in better procedures and contingency plans and has given the impetus for better planning.

Procedures are in place to ensure compliance with health and safety of staff and visitors to the premises. A key element in the management of financial risk is the continued review of the level of reserves.

Related party transactions

Creswell Heritage Trust has one wholly owned subsidiary company, Creswell Trading Company Limited, which is responsible for its own management and administration and its core purpose.

OBJECTIVES AND ACTIVITIES

The objectives of the charity as set out in the Memorandum of Association are:

Page 3

THE CRESWELL HERITAGE TRUST

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

The Trust continues to support these objectives through various activities under the following key themes:

Social and Economic Regeneration

The Trust continues to work with a wide range of partners on projects which build on the achievements of the Creswell Initiative (2000) which led to a series of investments and capital improvements to the cultural and natural historical landscape of the Creswell Heritage Area. The investment and development of key cultural assets in the wider Heritage Area aims to bring about the social and economic regeneration of the former rural coalfield of North Nottinghamshire, North East Derbyshire and South Yorkshire by creating a climate for inward investment, the development of skills and employment, and assisting with innovation. Bolsover District, in which part of the site is located, has been identified as a priority place for “levelling up” by national government in 20234. Bolsover is a Priority Place for Arts Council England.

Cultural Tourism

The Trust continues to promote and develop Creswell Crags as a key cultural heritage attraction in partnership with the Local Authorities and other local and regional tourism providers, helping to develop the visitor economy through the Trust’s activities programme. The Director attends the Bolsover Strategic Cultural Partnership meetings with other Arts Council funded organisations in the region, feeding into the Bolsover Place Board run by Dragonfly Management within Bolsover District Council.

Learning, Skills and Community Capacity Building

The Trust works with a number of partners including schools, adult learning organisations, local strategic partnerships and community organisations to develop an awareness and understanding of the rich and diverse cultural and natural historical landscape in the Creswell Heritage Area. This work assists in developing general skills and competence, encourages sympathetic behaviour towards historical remains and sites, and helps to develop a renewed pride of place, ownership and identity with the local landscape.

The Trust works in partnership with the community and receives voluntary help. Besides those who help with the conservation work in conjunction with the Trust projects, a number of volunteers assist with general duties ensuring visitors to the Crags is a safe and enjoyable experience.

Conservation and Research

The Trust works closely with the University of Sheffield, Nottingham Trent University, English Heritage, Natural England, and the Local Authorities to develop policies and strategies towards the conservation and research at Creswell Crags and at sites within the Limestone Heritage Area. These policies are enshrined within the Creswell Crags Conservation & Habitat Management Plan, the Creswell Crags Woodland Management Plan (2022-2027), the Collections Care and Conservation Policy and the Creswell Limestone Strategy.

Cultural Tourism

The Trust continues to promote and develop Creswell Crags as a key cultural heritage attraction in partnership with the Local Authorities and other local and regional tourism providers, helping to develop the visitor economy through the Trust’s activities programme.

ACHIEVEMENTS AND PERFORMANCE

Measured against the targets the Trust set itself at the beginning of the year, the following progress has been made:

Governance, Leadership and Business Model

The Trust has continued to develop our governance, leadership, financial management and business model and continues to make clear progress.

Changes and developments over this 12-month period include:

Page 4

THE CRESWELL HERITAGE TRUST

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Change is always difficult and whilst the pace of change has slowed since 2023-24, our drive to become more sustainable, resilient and community-focussed continues to bring challenges. The dedicated team continues to do an amazing job through this process of keeping our high-quality visitor offer running every day and in caring for the collection, natural environment, and each other.

Conservation and Research

World Heritage Site (WHS) inscription

The Trustees have agreed to pause the progress on this while in Business Recovery mode but has retained contact with the WHS team vis Dr Kevin Kuykendall.

In December 2024, Trustee Dr Kevin Kuykendall wrote to Henry Reed at DCMS to update him on the consensus from a series of meetings with our Director, Curator and CHT Board, which was to keep the option open to pursue a transnational application to the UK's World Heritage Tentative List in the future. This is because Creswell Heritage Trust is currently going through a period of quite considerable change, and we are currently unable to prioritise this work or commit to any timeframe at this time. Henry Reed confirmed that an annual check is acceptable.

Research and curation

External research and research collaborations on the collections and caves have included:

The following material was donated to the collections:

Accreditation

On the 23rd November 2023, Creswell Heritage Trust’s museum status was changed from Accredited to Provisional. Since then we have been working with Arts Council England’s Museums Accreditation (Midlands)

Page 5

THE CRESWELL HERITAGE TRUST

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

team to reinstate our accreditation. They confirmed on 2nd May 2025 that the assessment is complete, and will be recommended for full accreditation for the museum at the next panel meeting on 5th June 2025. The assessment may then need to go through moderation, so if the moderator has any further queries they may need to get back in touch. If not, the outcome will be communicated by 19th June 2025.

Site Monitoring

Careful monitoring of the site continued throughout the year, including:

In addition, observance of strict blasting protocol and extensive monitoring of the caves and cliff faces continues to be carried out by Tarmac in order to mitigate any impact of quarrying from the southern extension.

In September 2023 the Trust received the draft version of a Reservoir Safety Feasibility Study commissioned from Stillwater Associates Limited in 2021, supported by Culture Recovery Funding. The scope of the Study was to:

The Report advised on options for remedial works to be undertaken to address existing reservoir safety concerns. Following consideration by the Board and discussions with Stillwater’s experts, a final version of the Study was delivered in April 2024, which includes an overview of a Management Plan, prioritising aspects of the recommended work over a ten-year timescale. The Trust incorporated risks outlined in the Stillwater Study into our Risk Register and is taking further advice on the appropriate course of action, including sources of funding to support priority remedial action.

Ecological Monitoring

Biodiversity audit compiling data collected between 2022 and 2024 informed the completed Conservation and Habitat Management Plan. The dataset showed prior mismanagement on the site had impacted biodiversity in vegetation and invertebrate communities in particular. 2024 data shows early signs of recovery from changes to management strategies implemented in 2023 and 2024.

Page 6

THE CRESWELL HERITAGE TRUST

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Operations, Visitor Services and Interpretation

Visitor Offer

Work continued on developing and improving Creswell’s visitor offer through 2024 and into 2025, within a challenging context of the cost-of-living crisis which impacted visitor levels at Creswell and across heritage generally. The Creswell Trading Company (CTC) continues to provide the Creswell Heritage Trust (CHT) with funds so that the charitable work can continue. This is done through sales in the gift shop, cafe and car-park. Improvements and projects in this area included:

Lifelong Learning, Skills and Capacity Building

Schools and Formal Education

In 2024–25, 14,978 schoolchildren took part in Creswell Crags’ on-site education programme. While this represents a slight year-on-year decrease of 380 pupils, the quality and impact of delivery remained consistently high. The education programme continues to be one of the most distinctive and well-regarded aspects of Creswell Crags’ charitable activity.

Designed by a team of educators, archaeologists, and museum specialists, our award-winning schools programme offers a choice of six themed, curriculum-linked activity days. These sessions combine interactive workshops, hands-on learning, and guided cave expeditions to bring the Stone Age vividly to life for Key Stage 1 and 2 learners. Subjects include history, science, geology, art and design, with adaptations made for a wide range of learning needs.

A typical visit includes a cave tour, a survival skills session, and a practical workshop—such as palaeontology or prehistoric art—led by our experienced Learning Team, whose ability to inspire and engage children is regularly praised in teacher feedback. In 2023, Creswell Crags was awarded its second consecutive Sandford Award for excellence in heritage education. The assessor noted:

“Session delivery is of an excellent standard with pupil engagement and learning achievement levels being very high. This is a site worthy of achieving its second consecutive Sandford Award.”

A new education session was developed in 2024, designed to expand capacity by offering a high-quality fieldwork programme for KS3 Geography and KS4/5 Ecology students. This innovation is part of a broader strategy to build sustainability and resilience by expanding the learning programme to encompass areas outside of the KS2 Stone Age to Iron Age curriculum, with plans to trial these sessions in 2025-26.

The education partnership with the University of Nottingham Museum was paused in May 2024 as part of a

Page 7

THE CRESWELL HERITAGE TRUST

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

strategic review of partnerships within our developing 2025–2028 Business Plan. Alongside this, the Learning Team’s structure was streamlined to ensure long-term financial resilience and better alignment with organisational priorities.

Lifelong Learning and Community Engagement

Beyond school visits, Creswell Crags welcomes a wide range of further education, adult, and community groups for talks, guided tours, and artefact handling sessions. These include on-site experiences, as well as a programme of online talks which are broadcast live and available to access internationally.

Home education families and learners are also a growing part of our audience. In 2024–25 we delivered activity days to 68 home educated children, and plan to review and redesign our home education offer to provide flexible options that support group visits, self-led exploration, and tailored cave tours in the future.

Our commitment to learning as a lifelong pursuit remains at the heart of our charitable purpose. By blending formal and informal learning, we continue to support skills development, curiosity, and understanding of the deep human past across a wide range of audiences

Marketing and Communications

In 2024–25, marketing efforts focused on supporting internal communications during the Business Reset and overseeing the successful procurement and installation of new ePOS, CRM, ticketing, and payment systems. These upgrades, delivered on a tight timeline, are foundational for future audience segmentation, targeted campaigns, and the launch of a new Membership Scheme in early 2025.

Throughout the year, marketing activity continued across key social media and web channels, promoting cave tours, school visits, the café, museum and shop. Seasonal campaigns such as Christmas and Bat Nights performed strongly, with events selling out in advance. Marketing also supported the design and distribution of a refreshed leaflet, contributed to the education brochures, and began work on a new signage strategy to enhance the visitor journey and support on-site giving.

Additional highlights included proactive PR during gorge closures for tree works, volunteer support on signage research, and continued engagement with staff through internal initiatives like the “Wall of Possibilities” where the whole team contributed to the site’s ambition conversations. With infrastructure now in place and new systems operational, marketing is well positioned to support the organisation’s growth goals in the 2025–28 Business Plan.

FINANCIAL REVIEW

The Statement of Financial Activities for the year is set out on page 14 of the financial statements. A summary of the results and work at the charity is set out below.

The group has reported a surplus of £31,032 (2024: £73,967 deficit) for the year. This is made up of a surplus of £76,207 on the unrestricted fund after a transfer between funds of £2,534. The net current assets of the group increased to £164,710 (2024: £116,059). The Total Funds/Net Assets increased to £201,302 (2024: £170,270).

Donations, including gift aid and interest received during the year amounted to £60,067 (2024: £34,214).

The charity’s wholly owned trading subsidiary, Creswell Trading Company Limited, continued to trade when permitted generating a loss of £3,596 (2024: £29,529) of which £Nil is to be gift aided to the Trust. The trustees are satisfied with the direction of commercial success of the venture which operates the gift shop and the café with the profits generated historically assisting the charity in meeting its objectives, this is expected to continue into the future.

Investment powers and policy

Under the terms of Memorandum and Articles of Association, the charity has the power to invest in any way the

Page 8

THE CRESWELL HERITAGE TRUST

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

trustees wish.

Reserves Policy

CHT aims to hold sufficient reserves to enable it to cover cash flow, to deal with unforeseen urgent maintenance, to support planned longer-term development and to cover the costs of orderly closure if the charity can no longer continue in operation.

The Trust has held insufficient financial reserves for some time and is currently working towards rebuilding its reserves. The Board is aware that the reserves are insufficient and are keeping a close and regular eye on the Trust’s finances.

Our current focus is on achieving financial security. Finances are being carefully managed, and:

Trustees have set budgets for 2025-26 and 2026-27 on a breakeven basis. While the long-term aim is to build unrestricted reserves sufficient to cover six months of operating costs, this will only be possible if the Trust outperforms its budget in these periods.

PUBLIC BENEFIT

The trustees monitor the benefits which derive from its regeneration and learning activities by examining each activity on projects to ensure that funds are only used for wholly charitable purposes. For each activity trustees ensure that:

PLANS FOR FUTURE PERIODS

In the coming financial year (April 2025 – March 2026) the Trust will continue to focus on Business Recovery following the challenging 12-month period this Report has covered.

The Trust is fortunate to be in receipt of a Strategic Grant from Arts Council England, which is supporting our business recovery, with a focus on business planning, governance and organisational resilience. 2025-26 will be year three of that four-year Grant, with an additional extension year, through to March 2028. In addition, we have been working with a specialist advisor appointed by National Lottery Heritage Fund to support us in applying for further funding support from them, to build on the Resilience Grant received in 2022-23.

The public funding the Trust is receiving is very much appreciated. The Board and senior leadership team will continue the process of change that began in 2023 with a view to reducing the percentage of core costs supported by ACE and NLHF and becoming more financially resilient and self-sustaining.

In 2025 the Board will support the Director in delivering a 3-Year Business Plan covering April 2025 to March 2028. Meanwhile, we will continue to:

Page 9

THE CRESWELL HERITAGE TRUST

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

MEND Round 4 Works:

In the year ahead, Creswell Crags will begin urgent capital repairs funded by a £499,999 grant from DCMS via Arts Council England’s MEND programme. The project will address structural concerns with the Victorian dam and modernise key mechanical and electrical (M&E) systems, including lighting and environmental controls in the visitor centre’s exhibition spaces. These essential works will make the site more environmentally and financially sustainable, improve access, and support long-term business recovery. The project is carefully planned to minimise disruption to core operations and income streams, with experienced external and internal project leadership in place.

DIRECTORS’ RESPONSIBILITIES

Company law requires the directors to prepare financial statements for each financial period which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period.

In preparing the financial statements, the trustees are required to:

The directors are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the directors are aware:

AUDITORS

Bates Weston are deemed to be re-appointed under Section 487(2) of the Companies Act 2006.

The report of the directors has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

Page 10

THE CRESWELL HERITAGE TRUST

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Approved by order of the members of the board of Trustees and signed on their behalf by:

Ms A Kennedy Director Date: 14 July 2025

Page 11

(A company limited by guarantee)

THE CRESWELL HERITAGE TRUST

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE CRESWELL HERITAGE TRUST

Opinion

We have audited the financial statements of The Creswell Heritage Trust (the 'parent charitable company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the Consolidated statement of financial activities, the Consolidated balance sheet, the Charity balance sheet, the Consolidated statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the Annual report other than the financial statements and our Auditors' report thereon. The Trustees are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial

Page 12

THE CRESWELL HERITAGE TRUST (A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE CRESWELL HERITAGE TRUST (CONTINUED)

statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' report including the Strategic report.

We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Trustees' responsibilities statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the Group's and the parent charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be

Page 13

(A company limited by guarantee)

THE CRESWELL HERITAGE TRUST

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE CRESWELL HERITAGE TRUST (CONTINUED)

expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.The extend to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the charitable company and industry in which it operates, we considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and Charities Act 2011. Audit procedures performed by the engagement team included:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Sean Douglass FCA (Senior statutory auditor)

for and on behalf of Bates Weston Audit Ltd Statutory Auditors Chartered Accountants The Mills Canal Street Derby DE1 2RJ

14 July 2025

Page 14

THE CRESWELL HERITAGE TRUST

(A company limited by guarantee)

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2025

Note
Income from:
Donations and legacies
3
Charitable activities
4
Other trading activities
5
Investments
Other income
6
Total income
Expenditure on:
Raising funds
7
Charitable activities
8
Total expenditure
Net income/(expenditure)
Transfers between funds
17
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
31 March
2025
£
47,241
619,651
441,404
2,049
80,661
1,191,006
357,496
759,837
1,117,333
73,673
2,534
76,207
86,928
76,207
163,135		 Restricted
funds
31 March
2025
£
12,826
16,211
-
-
-
29,037
-
71,678
71,678
(42,641)
(2,534)
(45,175)
83,342
(45,175)
38,167		 Total
funds
31 March
2025
£
60,067
635,862
441,404
2,049
80,661
1,220,043
357,496
831,515
1,189,011
31,032
-
31,032
170,270
31,032
201,302		 Total
funds
15 months
ended
31 March
2024
£
34,214
856,402
561,708
3,391
19,126
1,474,841
494,573
1,054,235
1,548,808
(73,967)
-
(73,967)
244,237
(73,967)
170,270

The Consolidated statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 19 to 38 form part of these financial statements.

Page 15

THE CRESWELL HERITAGE TRUST (A company limited by guarantee) REGISTERED NUMBER: 02344235

CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2025

Note
Fixed assets
Tangible assets
13
Current assets
Stocks
Debtors
15
Cash at bank and in hand
Creditors: amounts falling due within one
year
16
Net current assets
Total assets less current liabilities
Total net assets
Charity funds
Restricted funds
17
Unrestricted funds
17
Total funds		 28,956
99,854
173,826
302,636
(137,926)		 2025
£
36,592
36,592
164,710
201,302
201,302
38,167
163,135
201,302		 32,495
95,465
194,280
322,240
(206,181)		 2024
£
54,211
54,211
116,059
170,270
170,270
83,342
86,928
170,270

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

Ms A Kennedy Director Date: 14 July 2025

The notes on pages 19 to 38 form part of these financial statements.

Page 16

THE CRESWELL HERITAGE TRUST (A company limited by guarantee) REGISTERED NUMBER: 02344235

CHARITY BALANCE SHEET AS AT 31 MARCH 2025

Note
Fixed assets
Tangible assets
13
Investments
14
Current assets
Debtors
15
Cash at bank and in hand
Creditors: amounts falling due within one
year
16
Net current assets
Total assets less current liabilities
Total net assets
Charity funds
Restricted funds
17
Unrestricted funds
17
Total funds		 119,091
135,652
254,743
(97,761)		 2025
£
31,855
12,002
43,857
156,982
200,839
200,839
53,062
147,777
200,839		 129,724
142,611
272,335
(165,461)		 2024
£
47,337
12,002
59,339
106,874
166,213
166,213
83,342
82,871
166,213

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

Ms A Kennedy Director Date: 14 July 2025

The notes on pages 19 to 38 form part of these financial statements.

Page 17

(A company limited by guarantee)

THE CRESWELL HERITAGE TRUST

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025

Cash flows from operating activities
Net cash used in operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Interest received
Net cash provided by/(used in) investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year		 31 March
2025
£
(20,859)
(1,644)
2,049
405
(20,454)
194,280
173,826		 15 months
ended
31 March
2024
£
12,862
(6,335)
1,074
(5,261)
7,601
186,679
194,280

The notes on pages 19 to 38 form part of these financial statements

Page 18

THE CRESWELL HERITAGE TRUST (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

1. General information

The Trust is a company limited by guarantee and has no share capital. The members of the company are the trustees named on Page 1. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The Creswell Heritage Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The Consolidated statement of financial activities (SOFA) and Consolidated balance sheet consolidate the financial statements of the Charity and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis.

The Charity has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with the subsidiary company.

The Charity has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of financial activities in these financial statements.

2.2 Going concern

The Financial statements have been prepared on a going concern basis as the trustees believe the immediate future of the trust is secure for the next 12 months and beyond from the audit report date and on that basis the charity is a going concern.

2.3 Income

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Grants are included in the Consolidated statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

Where the donated good is a fixed asset, it is measured at fair value, unless it is impractical to measure this reliably, in which case the cost of the item to the donor should be used. The gain is recognised as income from donations and a corresponding amount is included in the appropriate fixed asset class and depreciated over the useful economic life in accordance with the Charity's accounting policies.

Page 19

THE CRESWELL HERITAGE TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

2. Accounting policies (continued)

2.3 Income (continued)

On receipt, donated professional services and facilities are recognised on the basis of the value of the gift to the Charity which is the amount it would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

Income received in advance of an educational visit or provision of other services are deferred until the criteria for income recognition has been met.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.

2.4 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support costs.

All expenditure is inclusive of irrecoverable VAT.

2.5 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Group; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

2.6 Gift Aid

In the case of a Gift Aid payment made within the Group, income is accrued when the payment is payable to the Parent Charity under a legal obligation. Measurement is at the fair value receivable, which will normally be the transaction value.

Where the right to receive Gift Aid has been established, the amount receivable is recognised as investment income in the Consolidated statement of financial activities.

Page 20

THE CRESWELL HERITAGE TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

2. Accounting policies (continued)

2.7 Tangible fixed assets and depreciation

Tangible fixed assets costing £500 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, .

Depreciation is provided on the following basis:

Plant and machinery - 15% straight line
Fixtures and fittings - 15% straight line
Office equipment - 15% straight line

2.8 Heritage assets

Heritage assets are not capitalised due to unavailability of cost or valuation information, with such information not being obtainable at a cost commensurate with the benefit to the users of the accounts and to the Charity.

2.9 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Consolidated statement of financial activities.

Investments in subsidiaries are valued at cost less provision for impairment.

2.10 Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.

2.11 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.12 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Page 21

THE CRESWELL HERITAGE TRUST (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

2. Accounting policies (continued)

2.13 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Consolidated statement of financial activities as a finance cost.

2.14 Financial instruments

The Group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2.15 Pensions

The Group operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Group to the fund in respect of the year.

2.16 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

Page 22

THE CRESWELL HERITAGE TRUST (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

3. Income from donations and legacies

Unrestricted
funds
31 March
2025
£
Donations
47,241
Grants
-
47,241
Total 2024
34,214		 Restricted
funds
31 March
2025
£
12,826
-
12,826
-		 Total
funds
31 March
2025
£
60,067
-
60,067
34,214		 Total
funds
15 months
ended
31 March
2024
£
33,978
236
34,214

4. Income from charitable activities

Unrestricted
funds
31 March
2025
£
Heritage project funding
363,566
Operation of education and heritage centre
256,085
619,651
Total 2024
766,206		 Restricted
funds
31 March
2025
£
15,681
530
16,211
90,196		 Total
funds
31 March
2025
£
379,247
256,615
635,862
856,402		 Total
funds
15 months
ended
31 March
2024
£
485,550
370,852
856,402

Page 23

THE CRESWELL HERITAGE TRUST (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

5. Income from other trading activities

Income from non charitable trading activities

Shop sales
Cafe sales
Car park
Total 2024
6.
Other incoming resources

Sundry income
Events
Total 2024		 Unrestricted
funds
31 March
2025
£
134,699
238,286
68,419
441,404
561,708
Unrestricted
funds
31 March
2025
£
69,375
11,286
80,661
19,126		 Total
funds
31 March
2025
£
134,699
238,286
68,419
441,404
561,708
Total
funds
31 March
2025
£
69,375
11,286
80,661
19,126		 Total
funds
15 months
ended
31 March
2024
£
182,576
281,790
97,342
561,708
Total
funds
15 months
ended
31 March
2024
£
6,076
13,050
19,126

Page 24

THE CRESWELL HERITAGE TRUST (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

7. Expenditure on raising funds

Other trading expenses

Unrestricted
funds
31 March
2025
£
Cost of sales
173,067
Premises
24,857
Admin
18,622
Staff costs
138,693
Depreciation
2,257
357,496
Total 2024
494,573		 Total
funds
31 March
2025
£
173,067
24,857
18,622
138,693
2,257
357,496
494,573		 Total
funds
15 months
ended
31 March
2024
£
206,732
59,715
28,024
197,534
2,568
494,573

8. Analysis of expenditure on charitable activities

Summary by fund type

Unrestricted
funds
31 March
2025
£
Project costs
-
Non-project costs
759,837
759,837
Total 2024
966,302		 Restricted
funds
31 March
2025
£
71,678
-
71,678
87,933		 Total
31 March
2025
£
71,678
759,837
831,515
1,054,235		 Total
15 months
ended
31 March
2024
£
87,933
966,302
1,054,235

Page 25

THE CRESWELL HERITAGE TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

9. Analysis of expenditure by activities

Project costs
Non-project costs
Total 2024		 Activities
undertaken
directly
31 March
2025
£
859
532,393
533,252
703,233		 Support
costs
31 March
2025
£
70,819
227,444
298,263
351,002		 Total
funds
31 March
2025
£
71,678
759,837
831,515
1,054,235		 Total
funds
15 months
ended
31 March
2024
£
87,933
966,302
1,054,235

Page 26

THE CRESWELL HERITAGE TRUST (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

9. Analysis of expenditure by activities (continued)

Analysis of support costs

Project
costs
31 March
2025
Non-project
costs
31 March
2025
£
£
Depreciation
-
16,527
Project costs
960
4,066
Professional fees
8,160
19,768
Premises
58,827
121,889
Insurance
-
14,016
Publicity and promotions
-
3,280
Audit and accountancy fees
-
7,500
Travel expenses
171
919
Equipment hire
-
-
IT costs
-
15,347
Sundries
2,701
22,369
Bank charges
-
1,763
70,819
227,444
Total 2024
68,525
282,477
Auditors' remuneration
Fees payable to the Charity's auditor for the audit of the Charity's annual
accounts
Fees payable to the Charity's auditor in respect of:
All non-audit services not included above		 Total
funds
31 March
2025
£
16,527
5,026
27,928
180,716
14,016
3,280
7,500
1,090
-
15,347
25,070
1,763
298,263
351,002
31 March
2025
£
7,250
2,250		 Total
funds
15 months
ended
31 March
2024
£
31,489
6,065
109,309
40,664
14,857
6,087
7,694
932
1,611
15,036
114,717
2,541
351,002
15 months
ended
31 March
2024
£
7,250
2,250

10. Auditors' remuneration

Page 27

(A company limited by guarantee)

THE CRESWELL HERITAGE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

11. Staff costs

Wages and salaries
Social security costs
Contribution to defined contribution pension
schemes		 Group
31 March
2025
£
604,460
39,360
16,648
660,468		 Group
15 months
ended
31 March
2024
£
823,054
37,404
17,636
878,094		 Charity
31 March
2025
£
475,233
32,889
13,653
521,775		 Charity
15 months
ended
31 March
2024
£
626,223
36,940
17,397
680,560

The average number of persons employed by the Charity during the year was as follows:

Charitable activities
Governance		 Group
31 March
2025
No.
38
2
40		 Group
15 months
ended
31 March
2024
No.
39
3
42

The average headcount expressed as full-time equivalents was:

Charitable activities
Governance		 Group
31 March
2025
No.
22
2
24		 Group
15 months
ended
31 March
2024
No.
24
2
26

Page 28

(A company limited by guarantee)

THE CRESWELL HERITAGE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

11. Staff costs (continued)

No employee received remuneration amounting to more than £60,000 in either year.

The key management personnel of the parent charity, the Trust, comprise the trustees, The Museum Director, Head of Commercial, Head of Development, Head of Engagement and the Finance Manager. The total employee benefits of the key management personnel of the Trust were £156,212 (2024: £158,218).

12. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2024 - £NIL) .

During the year ended 31 March 2025, expenses totalling £ 437 were reimbursed or paid directly to 1 Trustee (2024 - £572 ).

13. Tangible fixed assets

Group

Cost
At 1 April 2024
Additions
Disposals
At 31 March 2025
Depreciation
At 1 April 2024
Charge for the year
On disposals
At 31 March 2025
Net book value
At 31 March 2025
At 31 March 2024		 Plant and
machinery
£
44,073
1,644
-
45,717
34,964
4,046
-
39,010
6,707
9,109		 Fixtures and
fittings
£
300,540
-
(1,160)
299,380
266,045
11,011
(679)
276,377
23,003
34,495		 Office
equipment
£
50,776
-
(3,020)
47,756
40,169
3,725
(3,020)
40,874
6,882
10,607		 Total
£
395,389
1,644
(4,180)
392,853
341,178
18,782
(3,699)
356,261
36,592
54,211

Page 29

(A company limited by guarantee)

THE CRESWELL HERITAGE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

13. Tangible fixed assets (continued)

Charity

Cost
At 1 April 2024
Additions
Disposals
At 31 March 2025
Depreciation
At 1 April 2024
Charge for the year
On disposals
At 31 March 2025
Net book value
At 31 March 2025
At 31 March 2024		 Plant and
machinery
£
36,029
1,044
-
37,073
29,589
2,839
-
32,428
4,645
6,440		 Fixtures and
fittings
£
291,323
-
(640)
290,683
261,033
9,962
(640)
270,355
20,328
30,290		 Office
equipment
£
50,776
-
(3,020)
47,756
40,169
3,725
(3,020)
40,874
6,882
10,607		 Total
£
378,128
1,044
(3,660)
375,512
330,791
16,526
(3,660)
343,657
31,855
47,337

Page 30

THE CRESWELL HERITAGE TRUST (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

14. Fixed asset investments

Charity
Cost or valuation
At 1 April 2024
At 31 March 2025
Net book value
At 31 March 2025
At 31 March 2024		 Investments
in
subsidiary
companies
£
12,002
12,002
12,002
12,002

Principal subsidiaries

The following was a subsidiary undertaking of the Charity:

Name Company Registered office or principal Registered office or principal Class of Holding
number place of business shares
Creswell Trading Company 02467865 Crags Rd, Welbeck, Worksop, Ordinary 100%
Limited Nottinghamshire, S80 3LH
The financial results of the subsidiary for the year were:
Name Income
Expenditure		 Loss for the Net assets
£
£		 year £
£
Creswell Trading Company Limited 441,404
445,000		 (3,596) 12,465

The financial results of the subsidiary for the year were:

Page 31

THE CRESWELL HERITAGE TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

15. Debtors

Due within one year
Trade debtors
Amounts owed by group undertakings
Other debtors
Prepayments and accrued income		 Group
2025
£
18,112
-
60,844
20,898
99,854		 Group
2024
£
12,994
-
68,651
13,820
95,465		 Charity
2025
£
11,052
33,312
60,757
13,970
119,091		 Charity
2024
£
7,046
43,666
68,564
10,448
129,724

16. Creditors: Amounts falling due within one year

Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income		 Group
2025
£
51,240
39,781
4,436
42,469
137,926		 Group
2024
£
67,332
36,294
8,691
93,864
206,181		 Charity
2025
£
26,707
39,781
3,179
28,094
97,761		 Charity
2024
£
49,176
36,294
2,984
77,007
165,461

Deferred income totaling £4,819 (2024: £31,923) relates to income received from service grants exceeding the work performed at the reporting date.

Page 32

THE CRESWELL HERITAGE TRUST (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

17. Statement of funds

Statement of funds - current year

Unrestricted funds
General Funds
Restricted funds
ACE Investment
AIM
Co-op Local Community Fund
ACE Resilience Signage
ACE CRF3
National Lottery Heritage Fund
University of Sheffield
Crags Bothy / Meadow Project
Quaternary Research
Association
Foyle Foundation
Crypt
MDEM Exhibition
Total of funds		 Balance at 1
April 2024
£
86,928
486
(250)
406
-
-
-
1,700
81,000
-
-
-
-
83,342
170,270		 Income
£
1,191,006
-
250
-
4,710
10,971
10,601
-
-
1,000
583
160
762
29,037
1,220,043		 Expenditure
£
(1,117,333)
(486)
-
-
-
-
(23,748)
(234)
(45,705)
-
(583)
(160)
(762)
(71,678)
(1,189,011)		 Transfers
in/out
£
2,534
-
-
-
(4,710)
(10,971)
13,147
-
-
-
-
-
-
(2,534)
-		 Balance at
31 March
2025
£
163,135
-
-
406
-
-
-
1,466
35,295
1,000
-
-
-
38,167
201,302

Page 33

THE CRESWELL HERITAGE TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

17. Statement of funds (continued)

The ACE Investment grant was awarded to support the Trust implement the recommendations from the Susan Royce Report, including Business Recovery, Governance support and improving financial resilience.

AIM Training Grant funded Health & Safety training, match funded by the NLHF resilience fund.

CRF3 was awarded by Arts Council England as part of the Continuity Support Fund, to support cultural organisations who had received funding from the Culture Recovery Fund and could clearly demonstrate the financial need for further funding from the programme in order to be able to operate on a viable and sustainable basis.

MDEM supports the museum to be more environmentally sustainable and to reduce its carbon footprint. These funds will contribute to the replacement of lighting in the exhibition spaces.

NLHF Resilience aims to support the financial resilience and business recovery of Creswell Heritage Trust under the banner “Giving the past a future at Creswell Crags”.

University of Sheffield joint project covered the expenses of volunteers who were involved in excavating and finds processing, including interpretation panels of the project for an exhibition on site and at a community outreach event.

Crags Bothy / Meadow project - Tarmac Aggregates Ltd agreed to fund an environmental project for the Meadow area comprising habitat enhancement and monitoring, environmental education and interpretation.

Foyle foundation (EPOS upgrade) enabled the implementation of a digital booking and till system, which enhanced the delivery of activities and visitor interaction within the site, to improve operational resilience and the sustainability of income generation.

Page 34

THE CRESWELL HERITAGE TRUST (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

17.
Statement of funds (continued)
Statement of funds - prior year
Balance at
1 January
2023
£
Unrestricted funds
General Funds
163,237
Restricted funds
Arts Council England
-
ACE Investment
-
AIM
-
Co-op Local Community Fund
-
ACE Resilience Signage
-
ACE CRF3
-
National Lottery Heritage Fund
-
University of Sheffield
-
Crags Bothy / Meadow Project
81,000
81,000
Total of funds
244,237
18.
Summary of funds
Summary of funds - current year
Balance at 1
April 2024
£
General funds
86,928
Restricted funds
83,342
170,270		 Income
£
1,384,645
873
45,000
-
2,179
82
1,508
37,204
3,350
-
90,196
1,474,841
Income
£
1,191,006
29,037
1,220,043		 Expenditure
£
(1,460,875)
(873)
(44,514)
(250)
(1,773)
(161)
(1,508)
(37,204)
(1,650)
-
(87,933)
(1,548,808)
Expenditure
£
(1,117,333)
(71,678)
(1,189,011)		 Transfers
in/out
£
(79)
-
-
-
-
79
-
-
-
-
79
-
Transfers
in/out
£
2,534
(2,534)
-		 Balance at
31 March
2024
£
86,928
-
486
(250)
406
-
-
-
1,700
81,000
83,342
170,270
Balance at
31 March
2025
£
163,135
38,167
201,302

Page 35

THE CRESWELL HERITAGE TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

18. Summary of funds (continued)

Summary of funds - prior year

General funds
Restricted funds		 Balance at
1 January
2023
£
163,237
81,000
244,237		 Income
£
1,384,645
90,196
1,474,841		 Expenditure
£
(1,460,875)
(87,933)
(1,548,808)		 Transfers
in/out
£
(79)
79
-		 Balance at
31 March
2024
£
86,928
83,342
170,270

19. Analysis of net assets between funds

Analysis of net assets between funds - current year

Unrestricted
funds
2025
£
Tangible fixed assets
36,592
Current assets
260,145
Creditors due within one year
(133,602)
Total
163,135
Analysis of net assets between funds - prior year
Unrestricted
funds
2024
£
Tangible fixed assets
54,211
Current assets
188,211
Creditors due within one year
(155,494)
Total
86,928		 Restricted
funds
2025
£
-
42,491
(4,324)
38,167
Restricted
funds
2024
£
-
134,029
(50,687)
83,342		 Total
funds
2025
£
36,592
302,636
(137,926)
201,302
Total
funds
2024
£
54,211
322,240
(206,181)
170,270

Page 36

THE CRESWELL HERITAGE TRUST (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

20. Reconciliation of net movement in funds to net cash flow from operating activities

Net income/expenditure for the year (as per Statement
Activities)
Adjustments for:
Depreciation charges
Dividends, interests and rents from investments
Loss on the sale of fixed assets
Decrease in stocks
Increase in debtors
Increase/(decrease) in creditors
Net cash provided by/(used in) operating activities
21.
Analysis of cash and cash equivalents
Cash in hand
Total cash and cash equivalents
22.
Analysis of changes in net debt
Cash at bank and in hand		 of Financial
At 1 April
2024
£
194,280
194,280		 Group
2025
£
31,032
18,782
(2,049)
481
3,539
(4,389)
(68,255)
(20,859)
Group
2025
£
173,826
173,826
Cash flows
£
(20,454)
(20,454)		 Group
15 months
ended
2024
£
(73,967)
34,057
(1,074)
348
4,347
(38,038)
87,189
12,862
Group
2024
£
194,280
194,280
At 31 March
2025
£
173,826
173,826

Page 37

THE CRESWELL HERITAGE TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

23. Operating lease commitments

At 31 March 2025 the Group and the Charity had commitments to make future minimum lease payments under non-cancellable operating leases as follows:

Not later than 1 year
Later than 1 year and not later than 5 years
Later than 5 years		 Group
2025
£
51,730
212,664
609,348
873,742		 Group
2024
£
35,488
206,921
666,821
909,230

On 12 March 2009 the parent charitable company entered into a four way debenture between Derbyshire County Council, Nottinghamshire County Council and Welbeck Estates (The Land owner). This is a fixed and floating charge over the assets of the company which will crystalise on completion of the lease in the year 2038. The minimum lease payments in relation to this charge are analysed in the above table.

24. Members' liability

Each member of the charitable company undertakes to contribute to the assets of the company in the event of it being wound up while he/she is a member, or within one year after he/she ceases to be a member, such amount as may be required, not exceeding £1 for the debts and liabilities contracted before he/she ceases to be a member.

25. Related party transactions

The Charity has not entered into any related party transaction during the year that require disclosure, nor are there any outstanding balances owing between related parties and the Charity at 31 March 2025.

Page 38